UmialikXpress
Agency Bulletin
June 2, 2023
Umialik Auto Rate Revision - Effective 7-1-2023 & 8-1-2023
The costs of goods and services continue to rise as a result of inflation and other market conditions. As you know, the insurance industry and, in particular, personal auto insurers have seen a significant increase in loss costs resulting from these economic factors.
Recent review of our personal auto products indicates additional adjustment to our rates is necessary to offset these increasing costs. Under normal circumstances, we strive to keep rate adjustments under 5%. However, due to the unusual economic conditions impacting our industry and our company, the indicated rate adjustment needed is closer to 10%. The exact impact of rate increases varies based on the specific characteristics of the insured exposure. These adjustments will take effect beginning July 1, 2023, for our Penalty-Free Auto program and August 1, 2023, for our Select Auto and Signature Auto programs.
Previously implemented rate adjustments continue to roll through our personal auto book of business. Annual policies that renew in the second half of this year will be impacted by two adjustments.
Please contact your Personal Lines Underwriter or Sandy Holmes, your Regional Agency Manager, with any questions.
Thank you for your continued partnership!
